We are focused on addressing financial literacy & consumer spending with a particular focus on management of spending through the use of data collection & PSD2.
Our platform can connect to a users account and track and manage their spending providing notifications where necessary should a user spend over their pre determined limit. This is an area which can be simplified reducing overall associated costs in the process.
With our platform we have created a financial management system which takes a users spending, annual income, projected savings and provides a method to achieve these saving goals with realistic milestones and incentives that encourage a user to continue to save.
We built our project using HTML, CSS, PYTHON, JAVASCRIPT, BOOTSTRAP, MONGODB, HEROKU, FINASTRA.
Our challenges relate to full PSD2 integration and Finastra integration which we intend to include within our final product.
We have created a system which allows for easy & secure upload of client documentation in a number of easy steps which can be tailored to our individual client needs & requirements in line with, KYC & GDPR regulations should later products become available for inclusion of customer deposits to site. We envisage a recurring debit from customers accounts inline with savings schedule.
We plan to expand our product capabilities, create seamless integration to existing accounts and also to expand product functionality and capabilities. We wish to incentivize good consumer spending with a tailored voucher system that will allow enterprises to reach specifically target audiences within their localized target demographic. The voucher system is tailored to a users spending and relevant based on their spending trends & needs.
We learnt through researching our market that there is a niche for financial literacy products that leverage PSD2 and manage consumer spending. Through development we can create a product that can provide real tie consumer spending data. Having worked in mortgage restructuring and regulations for a number of years we have identified the primary reason for high levels of NPL's on bank balance sheets relate to consumers unaffordability to meet their financial obligations. This can be attributed to lending policies and the snap shot received of a potential customers 6 month saving capability requirement for draw down (6 months bank stats + 1/3 months pay slips).
We envisage a wider view of consumer's spending to at a minimum be encouraged by institutions prior to loan drawdown. This will de-risk loans and aid in the overall reduction in arrears cases and non performing loans on balance sheets, allowing financial institutions to free up funds for lending and improve standards of living globally.
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